Whether you are a buyer or seller, closing day is undoubtedly the day you have been looking forward to. An experienced real estate closing attorney can help ensure everything goes as planned. In this post, we will examine these important responsibilities that a real estate closing attorney will perform:
Collaboration with parties involved
Executing a title search
Distribution of funds
Before we get into these responsibilities, let’s consider what happens at a real estate closing.
Real Estate Closing: What Does it Involve?
A real estate closing is the process by which a property purchase agreement is finalized and turned into a binding contract.
The closing process involves many steps, but some of the most important ones include the following:
Closing disclosure statement by the lender
Signing of documents
Recording of documents
What is the Role of the Real Estate Closing Attorney?
As a New York buyer or seller, you should expect to have a real estate closing attorney on your side. This legal professional will be responsible for reviewing all the documents involved in your transaction and ensuring that they are legally binding. Here are some of their important responsibilities:
Collaboration with parties involved: Real estate closing attorneys communicate with the individuals involved in a real estate transaction. This includes the buyer, seller, and any other individuals or companies that have an interest in the property, such as the lender, insurance representatives, inspectors, and more. Through this collaboration, they will make sure that everyone is on the same page so the transaction can run smoothly.
Executing a title search: The title search is a key step in the transaction process. Buyers must ensure that the property being purchased is free from any defects that could jeopardize their ownership. A real estate closing attorney will conduct this search and ensure everything is in order before proceeding with the sale.
Reviewing documentation: Once the title search has been conducted, the closing attorney will review all the documents related to the sale. They will also make sure that everything is properly executed, including signatures from everyone involved in the transaction.
Distribution of funds: Once all the paperwork has been reviewed, a closing attorney will distribute the funds from the sale. This includes funds deposited by the buyer and money held in escrow. They will also ensure that funds are properly accounted for and distributed according to the contracts.
Contacting a New York Real Estate Closing Attorney
Danziger Legal PLLC‘s experienced real estate legal specialists are ready to work with you through the closing process and ensure everything goes well. Our attorneys are well versed in all elements of New York’s real estate law and will provide you with the best service available.